HHHhhmmmm?
Oh yes, our Darrell Issa, US Congressman, San Diego’s North County, has been all over this!
It’s now headline news on the scroll for the overseas markets that DrO is watching!
This is going to be bigger than Watergate folks. Let the heads begin to roll.
The plot thickens.
FLASHBACK:
Geithner “Out Of The Loop,” Resignation Talk Begins
Henry Blodget | Mar. 17, 2009
EXCERPT
# He still has no coherent plan to fix the banking system
# He has convinced no one that he’s the right man to lead us out of this.
# He helped design the past administration’s failed bailouts
# He was the architect of the original AIG bailout
# He tacitly helped cover up the AIG “counterparty” bailout beneficiaries for 6 months
# He approved the latest round of AIG bonuses last week (according to AIG)
At the very least, Geithner needs to answer for his role in the original AIG bailout, which has been a disaster, as well as the counterparty cover-up.
In September, Geithner and Hank Paulson engineered an AIG bailout in which Paulson’s firm (and one of Geithner’s patrons on the New York Fed) secretly received $13 billion of taxpayer money that no taxpayer was told about. Now that taxpayers have found out about it, they are justifiably pissed.
//
http://www.nytimes.com/2008/09/13/business/13rescue.html?pagewanted=print
September 13, 2008
U.S. Gives Banks Urgent Warning to Solve Crisis
By ERIC DASH
This article was reported by Jenny Anderson, Edmund L. Andrews, Vikas Bajaj and Eric Dash and written by Mr. Dash.
As Lehman Brothers teetered Friday evening, Federal Reserve officials summoned the heads of major Wall Street firms to a meeting in Lower Manhattan and insisted they rescue the stricken investment bank and develop plans to stabilize the financial markets.
Timothy F. Geithner, the president of the New York Federal Reserve, called a 6 p.m. meeting so that bank officials could review their financial exposures to Lehman Brothers and work out contingency plans over the possibility that the government would need to orchestrate an orderly liquidation of the firm on Monday, according to people briefed on the meeting.
Flanked by Treasury Secretary Henry M. Paulson Jr. and Christopher Cox, the chairman of the Securities and Exchange Commission, he gathered the executives in person to impress on them the need to work together to resolve the current crisis.
Mr. Geithner told the participants that an industry solution was needed, no matter what, and that it was not about any individual bank, according to two people briefed on the meeting but who did not attend. They said he told them that if the industry failed to solve the problem their individual banks might be next.
A spokesman for the New York Federal Reserve Bank in New York confirmed the meeting but declined to provide details on the discussions. The Wall Street executives included the following chief executives: Lloyd Blankfein of the Goldman Sachs Group, James Dimon of JPMorgan Chase, John Mack of Morgan Stanley, Vikram Pandit of Citigroup and John Thain of Merrill Lynch. Representatives from the Royal Bank of Scotland and the Bank of New York Mellon were also present. Lehman Brothers was noticeably absent from the talks.
(snip)
//
Timeline:
http://www.nytimes.com/2009/09/13/weekinreview/13word.html